August 8, 2023
Monday, August 7
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.662, roughly eight cents above Friday’s closing price of $2.577. Marking the intraday low as markets opened, the contract found strong bullish support as forecasts for increased cooling later this month received greater confidence. Ascending to cross midday at $2.726, prices rose to the intraday high of $2.752 at 1:30PM. September closed higher on Monday at $2.725.
The EIA Natural Gas Storage Report published on Thursday showed a 14 BCF injection to storage for the week ended July 28 – in line with the market estimate of 15 BCF. Total working gas in storage was reported as 3,001 BCF; 22.4% above this time last year and 12.0% above the five-year average.
As of 8:10AM EST this morning in Globex, WTI Crude was down $1.75; Natural Gas was down two cents; Heating Oil was down six cents; and Gasoline was down five cents.
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